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Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value

The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis (in thousands):

December 31, 2025			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
Assets:
Investment in debt security - AFS			$	—					$	—					$	9,246					$	9,246
Liabilities:
Earnout liability			$	—					$	—					$	3,890					$	3,890
2024 WTI Warrant liability			—						—						13,080						13,080
2025 WTI Warrant liability			—						—						3,230						3,230
Private placement warrant liability			—						11,148						—						11,148

December 31, 2024			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
Assets:
Investment in debt security - AFS			$	—					$	—					$	11,187					$	11,187
Liabilities:
Earnout liability			$	—					$	—					$	14,752					$	14,752
2024 WTI Warrant liability			—						—						17,230						17,230
Private placement warrant liability			—						16,793						—						16,793

Schedule of Changes in Fair Value of Level 3 Assets

Changes in the estimated fair value of Level 3 financial assets and liabilities that are measured on a recurring basis are as follows (in thousands):

			Forward Contract			Embedded derivative liability - convertible promissory notes			Embedded derivative liability - August 2025 Notes			Investment in debt securities - AFS			Earnout liability			2024 WTI Warrant liability			2025 WTI Warrant liability			Embedded derivative liability (asset) - Convertible Debentures
Balance as of January 1, 2024 (Predecessor)			$	—		$	1,994		$	—		$	—		$	—		$	—		$	—		$	—
Additions			—			—			—			10,110			—			—			—			—
Settlement			—			(2,472)			—			—			—			—			—			—
Change in fair value			—			478			—			62			—			—			—			—
Balance as of October 1, 2024 (Predecessor)			$	—		$	—		$	—		$	10,172		$	—		$	—		$	—		$	—
Balance as of October 2, 2024 Successor)			—			—			—			10,172			11,352			—			—			—
Additions			54			—			—			106			—			15,690			—			—
Settlement			(99)			—			—			—			—			—			—			—
Change in fair value			45			—			—			909			3,400			1,540			—			—
Balance as of December 31, 2024 (Successor)			$	—		$	—		$	—		$	11,187		$	14,752		$	17,230		$	—		$	—
Balance as of January 1, 2025 (Successor)			$	—		$	—		$	—		$	11,187		$	14,752		$	17,230		$	—		$	—
Additions			—			—			—			7,477			—			—			3,090			1,476
Settlement and derecognitions			—			—			(1,677)			(8,756)			(873)			—			—			(3,297)
Change in fair value			—			—			1,677			(662)			(9,989)			(4,150)			140			1,821
Balance as of December 31, 2025 (Successor)			$	—		$	—		$	—		$	9,246		$	3,890		$	13,080		$	3,230		$	—

Schedule of Changes in Fair Value of Level 3 Liabilities

Changes in the estimated fair value of Level 3 financial assets and liabilities that are measured on a recurring basis are as follows (in thousands):

			Forward Contract			Embedded derivative liability - convertible promissory notes			Embedded derivative liability - August 2025 Notes			Investment in debt securities - AFS			Earnout liability			2024 WTI Warrant liability			2025 WTI Warrant liability			Embedded derivative liability (asset) - Convertible Debentures
Balance as of January 1, 2024 (Predecessor)			$	—		$	1,994		$	—		$	—		$	—		$	—		$	—		$	—
Additions			—			—			—			10,110			—			—			—			—
Settlement			—			(2,472)			—			—			—			—			—			—
Change in fair value			—			478			—			62			—			—			—			—
Balance as of October 1, 2024 (Predecessor)			$	—		$	—		$	—		$	10,172		$	—		$	—		$	—		$	—
Balance as of October 2, 2024 Successor)			—			—			—			10,172			11,352			—			—			—
Additions			54			—			—			106			—			15,690			—			—
Settlement			(99)			—			—			—			—			—			—			—
Change in fair value			45			—			—			909			3,400			1,540			—			—
Balance as of December 31, 2024 (Successor)			$	—		$	—		$	—		$	11,187		$	14,752		$	17,230		$	—		$	—
Balance as of January 1, 2025 (Successor)			$	—		$	—		$	—		$	11,187		$	14,752		$	17,230		$	—		$	—
Additions			—			—			—			7,477			—			—			3,090			1,476
Settlement and derecognitions			—			—			(1,677)			(8,756)			(873)			—			—			(3,297)
Change in fair value			—			—			1,677			(662)			(9,989)			(4,150)			140			1,821
Balance as of December 31, 2025 (Successor)			$	—		$	—		$	—		$	9,246		$	3,890		$	13,080		$	3,230		$	—

Schedule of Significant Unobservable Inputs

The investment in debt securities is stated at fair value as described in Note 3. Investments. The terms of the securities are such that they are highly likely to convert into Class D Units of AeroFlexx. The fair value of the debt securities is estimated on an as-converted basis using a discounted cash flow model by discounting the contractual debt cash flows at a rate incorporating the credit risk of AeroFlexx as of December 31, 2025 and using a Black-Scholes model as of December 31, 2024 incorporating breakpoints upon which each tranche of AeroFlexx equity participates in distributions.

			December 31, 2025						December 31, 2024
Volatility			n/a						120		%
Time to liquidity			n/a						2 years
Discount for lack of marketability			n/a						31.00		%
Weighted average cost of capital			n/a						45.00		%
Risk-free rate			n/a						4.23		%
AeroFlexx yield			17.01		%

The following table summarizes the inputs used in simulating the Company’s stock price for purposes of valuing the Earnout Shares:

			December 31, 2025						December 31, 2024
Term			5.8 years						6.8 years
Stock price			$	4.18					$	13.85
Volatility			60.00		%				56.00		%
Risk-free rate			3.77		%				4.42		%
Revenue risk premium			27.80		%				36.10		%
Revenue volatility			157.30		%				176.00		%

The following table summarizes the inputs used in the GBM for purposes of valuing the WTI Warrants as of each year end:

									December 31, 2025						December 31, 2024
2025 WTI Warrants:
			Geometric Brownian Motion			Stock price			$	4.18					N/A
						Stock price volatility			60.00		%				N/A
						Credit spread			26.00		%				N/A
2024 WTI Warrants:
			Geometric Brownian Motion			Stock price			$	4.18					$	13.85
						Stock price volatility			60.00		%				56.00		%
						Credit spread			26.00		%				18.80		%

A summary of the significant unobservable inputs utilized to estimate the fair value at settlement is as follows:

Embedded derivative within 2025 Notes issued August 18, 2022 with a principal balance of $4,000			Settlement
Discount Rate			35		%
Probability of Expected Outcomes
Financing			100		%
Change in control			—		%
Other			—		%
Embedded derivative within 2025 Notes issued June 7 & July 3, 2023 with an aggregate principal balance of 2,000
Discount Rate			71% - 87%
Probability of Expected Outcomes
Financing			100		%
Change in control			—		%
Other			—		%

									September 30, 2025
Embedded derivative asset - Convertible Debentures:
			Binomial Lattice Model			Stock price			$	5.79
						Stock price volatility			60.00		%
						Debt yield			38.70		%
						Debt spread			35.00		%

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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